NJBK(601009) 光大证券·2025-04-22 05:42Investment Rating - The report maintains a "Buy" rating for Nanjing Bank (601009.SH) with a current price of 10.44 CNY [1]. Core Insights - Nanjing Bank reported a resilient performance with a 2024 revenue of 50.3 billion CNY, up 11.3% year-on-year, and a net profit of 20.2 billion CNY, up 9.1% year-on-year. The annualized return on equity (ROE) for 2024 was 12.97%, a slight decline of 0.15 percentage points [4][12]. - For Q1 2025, the bank achieved a revenue of 14.2 billion CNY, reflecting a 6.5% year-on-year growth, and a net profit of 6.1 billion CNY, up 7.1% year-on-year, with an annualized ROE of 15.2%, down 0.76 percentage points [4][12]. Summary by Sections Financial Performance - In 2024, Nanjing Bank's revenue and net profit growth rates were 11.3% and 9.1%, respectively. For Q1 2025, these figures were 6.5% and 7.1%. The bank's net interest income and non-interest income growth rates were 4.6% and 20% for 2024, while for Q1 2025, they were 17.8% and -4.5% [5][6]. Loan and Asset Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 19.4% and 14.7% year-on-year, respectively. The total new loans for 2024 were 157.3 billion CNY, with Q1 2025 contributing 89.7 billion CNY. The bank maintained a strong focus on corporate and retail loans, with significant growth in technology and green sectors [6][7]. Deposit and Liability Management - By the end of Q1 2025, the bank's interest-bearing liabilities and deposits grew by 16.3% and 16.7% year-on-year, respectively. The bank added 161.1 billion CNY in deposits during Q1 2025, with a notable increase in both corporate and personal term deposits [7][8]. Net Interest Margin (NIM) - The bank's NIM for 2024 was reported at 1.94%, with a slight decline observed. The bank's interest-earning asset yield and cost of interest-bearing liabilities showed a downward trend, but the decline in NIM has been moderating [8][9]. Non-Interest Income - In Q1 2025, non-interest income decreased by 4.5% year-on-year, accounting for 45.4% of total revenue. The bank's net fee and commission income increased by 18%, while other non-interest income saw a decline [9][10]. Asset Quality - Nanjing Bank maintained a low non-performing loan (NPL) ratio of 0.83% as of the end of 2024, with a strong risk coverage capability. The bank's NPL balance increased by 5.2 billion CNY in 2024, with a notable increase in credit impairment losses in Q1 2025 [10][11]. Capital Adequacy - As of Q1 2025, the bank's core tier 1 capital ratio was 8.9%, with significant shareholder confidence reflected in recent share purchases. The bank's dividend payout ratio has remained around 30% [11][12]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 2.00, 2.13, and 2.21 CNY, respectively. The current price-to-book (PB) and price-to-earnings (PE) ratios indicate attractive valuation levels [12][14].